Turkey Economic Outlook
October 4, 2016The Turkish economy decelerated in Q2 and GDP expanded at the slowest pace in over year, but growth was still healthy relative to that of many emerging market economies. In Q2, fixed investment contracted and the external sector dragged on the economy. Growth in private consumption slowed but remained robust against the backdrop of a more accommodative monetary policy and the impact of this year’s increase in the minimum wage. More recent indicators show that the economy likely decelerated further in Q3. Industrial production contracted for the first time in nearly two years in July and the manufacturing sector continued to shrink in September. The lira and Turkish stocks slid on 26 September following the news that Moody’s downgraded Turkey’s credit rating to Ba1. This is the second time since the failed coup that the country’s credit rating has been downgraded amid concerns regarding a slowing economy and risks related to the country’s external funding requirements.
Turkey Economy Data
5 years of Turkey economic forecasts for more than 30 economic indicators.
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|Bond Yield||9.69||-1.52 %||Oct 19|
|Exchange Rate||3.06||-1.09 %||Oct 19|
|Stock Market||79,210||1.11 %||Oct 19|
Turkey Economic Growth
October 4, 2016Mounting political turmoil following the coup, security concerns and the recent extension of the state of emergency by another three months could drag on business sentiment going forward. On the upside, decisive government support and a more accommodative monetary policy will benefit the economy. On balance, FocusEconomics panelists expect that the economy will expand 3.1% this year, which is down 0.2 percentage points from last month's forecast. Next year, the panel sees GDP growing 3.2%.
Turkey Economic News
October 13, 2016
The current account balance recorded a USD 1.8 billion deficit in August (July: USD 2.7 billion deficit).
October 10, 2016
In August, industrial production expanded a calendar-adjusted 2.2% compared to the same month last year.
October 3, 2016
The Manufacturing Purchasing Managers’ Index (PMI), produced by the Istanbul Chamber of Industry (ICI) and IHS Markit, increased slightly to 48.3 in September from August’s 47.0, which had marked a multi-year low.
October 3, 2016
In September, consumer prices increased 0.18% over the previous month.
September 26, 2016
The Real Sector Confidence Index published by the Central Bank increased from August’s 103.6 to 106.5 in September.